Sky Gold Reports on Private Placement and Announces Commencement of Drilling on the Evening Star Project, Walker Lane Trend, Nevada

Rhea-AI Summary

Sky Gold (OTC:SRKZF) has begun drilling at its Evening Star copper-gold project in Nevada's Walker Lane trend and is running a non-brokered private placement of up to 30 million units at $0.05 each, set to close April 21. Each Unit includes one share and one warrant exercisable at $0.08 for 36 months.

The drilling program targets a interpreted porphyry core and associated CRD and massive sulphide zones using integrated geology, geochemistry and geophysics. Samples are submitted to MSA Labs for 500 g Chrysos PhotonAssay and multi-element ICP-MS analysis. A Qualified Person, Danae Voormeij P.Geo., reviewed the technical information.

Positive

• Drilling commenced at Evening Star, testing high-priority porphyry and CRD targets
• Private placement offers up to 30M Units at $0.05, potentially raising up to $1.5M
• Warrants exercisable at $0.08 for 36 months could provide future funding
• 500 g PhotonAssay sampling at MSA Labs improves gold detection over 50 g fire assays

Negative

• Potential dilution from issuance of up to 30M shares plus warrants to subscribers
• Offering price of $0.05 per Unit may be dilutive relative to market expectations

AI-generated analysis. How Rhea-AI works. Not financial advice.

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VANCOUVER, BC / ACCESS Newswire / April 15, 2026 / SKY GOLD CORP. ("Sky" or the "Company") (TSXV:SKYG)(OTC PINK:SRKZF) announces the commencement of drilling by Titan Drilling of Elko, Nevada, at its Evening Star copper-gold project located in the Walker Lane mineral belt, Nevada.

Sky Gold also wishes to report that the non-brokered private placement of up to 30 million units ("Units") at a price of $0.05 per Unit is filling rapidly with the placement set to close on April 21. Each Unit is comprised of one common share ("Share") and one transferable Share purchase warrant of the Company ("Warrant"). Each Warrant will entitle the Subscriber to purchase one Warrant Share for a 36-month period after the Closing Date at an exercise price of $0.08 per share.

The drilling program at Evening Star has been designed to test multiple high-priority targets developed through integrated geological mapping, geochemistry, and geophysical interpretation.

• The interpreted copper-gold core of the porphyry system at High Life

• Polymetallic Au-Cu-Pb-Ag-Zn zones associated with carbonate replacement mineralization ("CRD") and massive sulphides

Figure 1. Plan view map of High Life showing a very strong magnetic anomaly in pink. Alteration mapping highlights the phyllic alteration (sericite and pyrite) surrounding the silica, copper-gold rich core.

Figure 2. Section through High Life and CRD Hill with view to East. High Life porphyry is strongly resistive with a coincident 1-kilometer-wide magnetic high anomaly. CRD Hill is very conductive with a coincident large magnetic low.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Danae Voormeij, P.Geo., Director of Sky Gold Corp., who is a Qualified Person as defined by National Instrument 43-101.

QAQC and Sample Methodology

The Company submits rock and drill core samples MSA Labs in Elko, Nevada, for gold content by Chrysos PhotonAssay^TM technology. This process is non-destructive and analyzes 500-gram samples, which is more representative than the 50-gram sample required for Fire Assay method and this innovative method catches more gold in the sample, reducing the nugget effect.

Samples are dried and crushed to P80 minus 2mm, and 500 grams is riffle split for PhotonAssay^TM method. Another 250 grams of the crushed material is pulverized to P85 minus 75 microns for ultra-trace 48 elements by ICP-Ms following a 4-acid digest.

About Sky Gold Corp.

Sky Gold Corp. is a mineral exploration company focused on advancing precious and base metal projects in North America. The Company's flagship Evening Star Property, located in the prolific Walker Lane Gold Trend, hosts multiple high-priority gold and copper targets, including Tower Gold, High Life, Gold Bug, CRD Hill and Evening Star. The project site has excellent infrastructure.

ON BEHALF OF THE BOARD

Mike England
CEO, PRESIDENT & DIRECTOR

FOR FURTHER INFORMATION PLEASE CONTACT

Tel: 1-604-683-3995
Toll Free: 1-888-945-4770

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the matters described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance, or developments to differ materially from those contained in the statements, including with respect to the completion of the Consolidation or the identification or acquisition of additional mineral assets. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including factors beyond the Company's control. These forward-looking statements are made as of the date of this news release.

SOURCE: Sky Gold Corp.

View the original press release on ACCESS Newswire

FAQ

What drilling did Sky Gold (SRKZF) start at Evening Star on April 15, 2026?

Sky Gold commenced a drill program targeting porphyry core, CRD and massive sulphide zones. According to the company, Titan Drilling began work to test multiple high-priority targets defined by integrated mapping, geochemistry and geophysics.

How large is the Sky Gold (SRKZF) private placement and when does it close?

The private placement is for up to 30 million Units at $0.05 per Unit, closing April 21. According to the company, each Unit includes one common share and one transferable warrant exercisable for 36 months at $0.08.

What are the warrant terms in Sky Gold's (SRKZF) April 2026 offering?

Each warrant allows purchase of one share at $0.08 for 36 months after closing. According to the company, the warrants are transferable and intended to provide potential future capital if exercised.

How does Sky Gold (SRKZF) assay drill samples from Evening Star?

Sky Gold uses Chrysos PhotonAssay on 500 g samples at MSA Labs, plus 48-element ICP-MS on pulverized material. According to the company, the 500 g PhotonAssay is non-destructive and aims to reduce nugget effect versus 50 g fire assays.

What targets is Sky Gold (SRKZF) testing at the Evening Star project?

The program targets a resistive porphyry core with a 1-km magnetic high and conductive CRD Hill magnetic low. According to the company, integrated geological, geochemical and geophysical interpretation defined these high-priority targets.

Who certified the technical information for Sky Gold (SRKZF)'s drilling release?

Danae Voormeij, P.Geo., Director of Sky Gold, reviewed and approved the technical information as the Qualified Person. According to the company, this satisfies the National Instrument 43-101 requirement for technical disclosure.